Private Equity Firm Financial Services

Apheon

Strassen, Luxembourg

Formerly known as Ergon, Ergon (Apheon), Ergon (Ergon)

Apheon is a pan-European mid-market private equity investment firm providing “patient and friendly capital” and industrial know-how to entrepreneurs and management teams. It manages approximately €4.5B of assets and invests across Europe with a partnership approach through a pan-European footprint.

Focus Areas
Private equity investments
Website
www.apheon.com

Tracked deals

10

10 tracked deals across 2019-2022.

Recent pace

0

0 tracked deals announced in the last 12 months.

Deal mix

Addon

4 addon · 4 buyout · 2 growth capital

Apheon Acquisition Volume by Year

Last 3 years

Acquisition volume by year Annual acquisition counts for the last 3 years for Apheon. 3 2019 3 2021 4 2022

Supporting Data

Recent Transactions

  • Buyer
    Ergon
    Target
    AlliA
    Industry
    Insurance
    Location
    West Flanders, Belgium

    Belgian insurance broker AlliA has entered a partnership with mid-market private equity firm Ergon, which acquires a minority stake alongside the Lebon family and management. The investment will support AlliA's organic growth and M&A strategy to accelerate expansion in Belgium, Luxembourg and internationally while the founding family and management remain in charge of daily operations.

  • Buyer
    svt Group of Companies (svt), Ergon svt Long Term Value Fund SCSp (Ergon)
    Target
    Technical Fire Safety Group Limited (TFSG)
    Location
    Merseyside, United Kingdom
    Type
    Addon

    svt Group, a portfolio company backed by Ergon, has combined with Technical Fire Safety Group Limited (TFSG) to expand its passive fire protection product portfolio and geographic footprint. TFSG management reinvests in the combined group; the deal strengthens svt's capabilities in fire safety glass and adds the UK, Benelux, France and Spain as core geographies.

  • Buyer
    Ergon Capital Partners V SCSp (Apheon), Inveready, GAEA Inversion SCR, Full Global Investments SCR, Íñigo Colomina and core management team (reinvesting)
    Target
    360º Padel Group
    Seller
    Existing shareholders led by Íñigo Colomina
    Industry
    Retail
    Location
    Community of Madrid, Spain
    Type
    Buyout

    Ergon Capital Partners (Apheon) has acquired a majority stake in 360º Padel Group, the largest specialized padel platform globally, headquartered in Madrid. Inveready and investment vehicles including GAEA Inversion SCR and Full Global Investments SCR committed capital alongside management, which is reinvesting, to support the Group's omnichannel expansion across key international padel markets.

  • Buyer
    Ergon Capital Partners V SCSp (Ergon)
    Target
    Satlink
    Seller
    Artá Capital, Faustino Velasco
    Location
    Community of Madrid, Spain
    Type
    Buyout

    Ergon Capital Partners V (Ergon) has acquired a majority stake in Satlink, a Madrid‑headquartered provider of satellite-based hardware and proprietary data‑analytics solutions for maritime sustainability. Sellers include Artá Capital and founder Faustino Velasco, who will remain involved as Chairman while Artá stays on as a minority shareholder; Ergon will support Satlink's international growth and continued product development.

  • Buyer
    Ergon, Summa management
    Target
    Summa
    Seller
    Gimv
    Industry
    Manufacturing
    Location
    West Flanders, Belgium
    Type
    Buyout

    Ergon, together with Summa's management team, has acquired Summa from Gimv in a management buyout. Summa is a Belgium-headquartered manufacturer of digital cutting equipment that employs over 150 people and will partner with Ergon to accelerate international expansion, product development and software initiatives.

  • Buyer
    Dolciaria Acquaviva, Ergon Capital Partners
    Target
    Dolce Milano S.r.l., Unigel S.r.l.
    Industry
    Food & Beverage
    Location
    Lombardy, Italy
    Type
    Addon

    Ergon Capital Partners–backed Dolciaria Acquaviva has completed the acquisitions of Dolce Milano S.r.l. (a Lombardy-focused frozen bakery distributor with a small frozen-dessert production line) and Unigel S.r.l. (a specialty frozen bread producer best known for the Schiocco product). The add-ons strengthen Dolciaria's presence in Northern Italy — particularly Lombardy — expand its SKU range into frozen desserts and specialty breads, increase exposure to modern trade and HoReCa channels, and create commercial and production synergies.

  • Buyer
    Palex, Ergon
    Target
    Comercial Rafer, S.L. (Rafer)
    Industry
    Medical Devices
    Location
    Aragon, Spain
    Type
    Addon

    Palex, the Spain-and-Portugal MedTech distributor backed by Ergon, has acquired Comercial Rafer, S.L., a Zaragoza-based distributor of reagents and laboratory instruments focused on IVD and histocompatibility. The add-on expands Palex's IVD and laboratory diagnostics offering and brings Rafer's ~40 employees, nationwide salesforce and technical service into the Palex platform.

  • Buyer
    Dolciaria Acquaviva, Ergon Capital Partners
    Target
    Milanopane S.r.l.
    Seller
    Family owners of Milanopane
    Industry
    Food & Beverage
    Location
    Lombardy, Italy
    Type
    Addon

    Ergon Capital Partners-backed Dolciaria Acquaviva has acquired Milanopane S.r.l., a Buccinasco-based producer of high-quality puff pastry salty snacks. Milanopane generates approximately €6 million in sales and employs 40 FTEs; the acquisition expands Dolciaria's product offering into salty frozen snacks, strengthens its position with modern trade customers, adds a Northern Italy production hub and is expected to deliver commercial and cost synergies.

  • Buyer
    Ergon Capital IV SCSP (Ergon)
    Target
    Dolciaria Acquaviva
    Seller
    Acquaviva family
    Industry
    Food & Beverage
    Location
    Campania, Italy
    Type
    Buyout

    Ergon Capital IV SCSP (Ergon) has acquired a majority stake in Dolciaria Acquaviva from the Acquaviva family, with family members reinvesting alongside Ergon. Dolciaria Acquaviva is an Italian leader in frozen bakery products based in Gricignano di Aversa (Caserta), employs about 100 people, serves over 20,000 primarily Ho.Re.Ca customers nationwide, and will pursue accelerated growth and consolidation supported by Ergon.

  • Buyer
    Ergon Capital Partners IV SCSp (Ergon / Apheon)
    Target
    Haudecoeur SAS
    Seller
    Famille Haudecoeur
    Industry
    Food & Beverage
    Location
    Île-de-France, France

    Ergon Capital Partners IV (now Apheon) has signed an agreement to take a stake in Haudecoeur SAS, the long-standing French family business specialising in the import, manufacture and distribution of ethnic and oriental grocery products. The minority growth investment will provide capital and pan‑European support to accelerate Haudecoeur's development and international expansion while keeping the founding family involved.

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